Q Financial presentation. CEO - Arne Møgster CFO - Britt Kathrine Drivenes

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1 Q Financial presentation CEO - Arne Møgster CFO - Britt Kathrine Drivenes

2 Highlights All figures in NOK 1,000 Q Q H H Revenue EBITDA* EBIT* Pre-tax profit** ,86 2,09 5,44 5,03 8, % 54% 54% EPS (NOK)* Total assets Net interesting bearing debt Equity ratio Group EBITDA incl. 50% of Pelagia EBITDA Salmon/whitefish EBITDA Pelagic incl. proportional Pelagia * Before fair value adjustments related to biological assets ** In pre-tax profit is the effect from fair value adjustments related to biological assets excluded, also for biological assets in associated company. 2

processing plants* 38 processing plants Intake of 1.6-1.9 mill MT of fish annually WHITE FISH SALMON 11% whitefish quota (NO) 9 fishing vessels 8 Processing plants Norway: 153 salmon licenses incl.

3 Operation overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of anchovy quota centre-north 20 fishing vessels 8.4% of pelagic fishing quota 3 fishing vessels 4 fishing vessels 400, ,000 MT of pelagic fish caught annually (27 vessels) PELAGIC PROCESSING 7 processing plants 4 processing plants 27 processing plants* 38 processing plants Intake of mill MT of fish annually WHITE FISH SALMON 11% whitefish quota (NO) 9 fishing vessels 8 Processing plants Norway: 153 salmon licenses incl. salmon operation UK* 100, ,000 MT of whitefish (9 vessels) 8 processing plants 180, ,000 MT of salmon SALES Integrated sales organisation Integrated sales organisation Integrated sales organisation Wholesale with global sales & distribution * Associated companies 3

4 Pelagic Austral Group S.A.A Foodcorp Chile S.A Br. Birkeland AS Pelagia AS (associated)

5 Biomass and quota evolution Volatile period due to El Niño Peruvian quota for 2018 estimated at million MT (subject to IMARPE`s cruises) 5

53,174 MT 2017 Super/prime 75% 2018 vs. 84% 1 st season 2017 Combined Fishmeal/Oil yield 28.9% vs. 26.2% in 2017 due to high oil yield South Austral processed to end June 54,447 MT in 2018 vs.

6 Operation in Peru Austral Group S.A.A Centre/North 1 st season quota 3.3 million MT 100% caught vs. 2.8 million MT % caught Benefitting from normal conditions Fishery concentrated in the north region Austral catch 231,881 MT 2018 vs. 160,262 MT 2017 Austral purchases 56,426 MT 2018 vs. 53,174 MT 2017 Super/prime 75% 2018 vs. 84% 1 st season 2017 Combined Fishmeal/Oil yield 28.9% vs. 26.2% in 2017 due to high oil yield South Austral processed to end June 54,447 MT in 2018 vs. 17,201 MT in the same period 2017 Volume '000 MT Q Q YTD 2018 YTD E 2017 Own catch Anchoveta Mackerel Purchase Anchoveta Mackerel Total ('000 MT) Headquarters Fishmeal and DHC factories Fishmeal factories 6

7 Operation in Chile Foodcorp Chile S.A Own catches: Good start for the jack mackerel season Presence of mackerel higher this season Purchases: Giant squid: This year only purchases from artisanal Lower catches sardine/anchoveta received from coastal fishermen Volume '000 MT Q Q YTD 2018 YTD E 2017 Own catch: Mackerel and other species Purchase: Sardine/anchovy Giant squid/mackerel Total ('000 MT) Focus remains in securing raw material from third parties Jack mackerel: 15% of Chilean industrial quota was auctioned December 2017 resulting in 2 series: LTP-A (85% original) + LTP-B (15% auctioned) = Industrial quota (100%) Foodcorp increased participation post auction 7

8 North Atlantic pelagic quotas ( ) MT North Atlantic Pelagic Quota Key drivers for 2018 Increased quota for: o Capelin o Blue whiting Decrease in quota for o NVG herring o Mackerel o Sand eel NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic* * Horse Mackerel, Sand Eel, Norway Pout, Boar ** Capelin from both the Barents Sea and Iceland Source: Norges Sildesalgslag, Havforskningsinstituttet. Estimates is based on data from the above sources and ICES recommendation 8

9 Pelagia AS Fishmeal and fish oil (FMO) Norway, UK and Ireland ('000 MT) Q Q YTD 2018 YTD E 2017 Raw Material: Fishmeal and fish oil Protein concentrate/oil Total ('000 MT) All volume based on 100% Less raw material volume vs. Q2 2017, mainly due to lower sand eel quota Slow market in Q2 - low sea temperature until end of May lowered consumption of feed for salmon Very good season in Peru put pressure on prices, especially for oil Q3 will mainly be production of trimmings. High quota of North Sea herring Fishmeal and fish oil factories 9

10 Pelagia AS Direct Human Consumption Volume ('000 MT) Q Q H H E 2017 Raw material intake Raw material intake lower compared to same quarter 2017 Low production of summer mackerel Good production and sales of North Sea herring Some variation in size and quality Expecting good activity for the coming months Mackerel production starting middle of September Winter herring production starts early October 10 Pelagic factories

Pelagia AS (100% figures) (MNOK) Q2 2018 Q2 2017 H1 2018 H1 2017 2017 Revenue 1 276,4 1 192,3 2 739,0 2 564,4 6 122,1 EBITDA 172,4 93,7 377,0 256,9 613,9 EBIT 122,8 49,2 275,9

11 Pelagia AS (100% figures) (MNOK) Q Q H H Revenue 1 276, , , , ,1 EBITDA 172,4 93,7 377,0 256,9 613,9 EBIT 122,8 49,2 275,9 183,9 484,8 Sales volumes (tonnes): Frozen FM/FPC/Oil Associated company, AUSS share = 50% Pelagic factories

Br. Birkeland (Salmon/Fishing) Salmon Q2 2018 Q2 2017 H1 2018 H1 2017 2018E 2017 Harvest volume (GWT) - 3,685 2,808 4,802 6,600 6,543 EBIT (NOK/kg) - 27.9 18.9 27.

12 Br. Birkeland (Salmon/Fishing) Salmon Q Q H H E 2017 Harvest volume (GWT) - 3,685 2,808 4,802 6,600 6,543 EBIT (NOK/kg) ,3 Salmon: As reported in the Q1/18 presentation; zero harvesting of salmon in Q2/18 Fishing: Seasonal low activity for the pelagic vessels Still challenging conditions for the snow crab vessels Snow crab fishery closed between June 15 September 15 due to molting season 12

13 Salmon/White Fish Lerøy Seafood Group ASA

Lerøy Seafood Group ASA Q2 2018 Lerøy Aurora EBIT before FV adj.

14 Lerøy Seafood Group ASA Q Lerøy Aurora EBIT before FV adj. NOK 1,000 million (Q2/17: NOK 801 million) Havfisk & LNWS EBIT NOK 116 million (Q2/17: NOK 86 million) Harvest volume Salmon and Trout 37,822 GWT (Q2/17: 26,156 GWT) EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK 23.4 (Q2/17: NOK 27.3) Contract share of 23% (Q2/17: 45%) Lerøy Midt NIBD NOK 3,013 million at end of Q1/18 (Q2/17: NOK 3,190) Lerøy Sjøtroll 14

15 Lerøy Seafood Group ASA Salmon/Trout farming 2012 GWT 2013 GWT 2014 GWT 2015 GWT 2016 GWT 2017 GWT 2018E GWT Lerøy Aurora AS* Lerøy Midt AS Lerøy Sjøtroll Total Norway Villa Organic AS** Norskott Havbruk (UK)*** Total *) Included harvested volume from Villa Organic after split July 2014 **) LSG s share of Villa Organic s volume in H1 2014, not consolidated ***) LSG s share, not consolidated 15

Lerøy Seafood Group ASA (Wild catch) Q2 2018: Wild catch Q2/18 harvest volume at 18,190 tonnes, with significant increase y- o-y in particularly shrimp catches. Average prices up 8% y-o-y.

16 Lerøy Seafood Group ASA (Wild catch) Q2 2018: Wild catch Q2/18 harvest volume at 18,190 tonnes, with significant increase y- o-y in particularly shrimp catches. Average prices up 8% y-o-y. Y-o-y prices for cod up 15%, haddock 48% while saithe down 6% Entered agreement for delivery of a new combination trawler. Scheduled delivery Q As it takes time to adjust prices to end-market, increase in raw material prices is a challenge within processing Catch volume Catch volume Remaining quota Q2/ 18 Q2/ 17 YTD 18 YTD Cod Haddock* Saithe Shrimps Others Total *) Quota for Haddock was increased during 2017 (redistributed). This number shows status as of Q2/

17 Financials Q2 2018

18 Catch, purchase and farming Figures in 1,000 tonnes Q Q H H (100% volumes) 2018 E Group companies: Norway (whitefish) Norway (pelagic) Chile own catch Chile purchase Peru own catch Peru purchase Total Group companies Joint ventures: Europe purchase (HC) Europe purchase (FM/FPC/Oil) Totalt Joint venture: TOTAL WILDCATCH Salmon/Trout (GWT)* TOTAL GROUP * Incl. 50% of the Scottish Sea Farms volumes 18

19 Key financial figures (NOK 1,000) Q Q Δ% Q a) Q a) Δ% Revenue ,6 % ,2 % EBITDA* ,7 % ,0 % Depreciation/impairment EBIT* ,5 % ,3 % Income from associates* Net finance Pre-tax** ,7 % Net profit EPS (NOK) 3,84 3,52 EPS (NOK)* 2,86 2,09 * before fair value adjustments related to biological assets ** In pre-tax profit is the effect from fair value adjustments related to biological assets excluded, also for biological assets in assosiated company. a) AUSS incl. proportional 50% of Pelagia AS Q Q Biomass adj group company Biomass adj group associated companies

20 Key financial figures (NOK 1,000) H H Δ% H a) H a) Δ% Revenue ,0 % ,0 % EBITDA* ,8 % ,6 % Depreciation/impairment EBIT* ,4 % ,1 % Income from associates* Net finance Pre-tax** ,6 % Net profit EPS (NOK) 8,41 4,54 EPS (NOK)* 5,44 5,03 * before fair value adjustments related to biological assets ** In pre-tax profit is the effect from fair value adjustments related to biological assets excluded, also for biological assets in assosiated company. a) AUSS incl. proportional 50% of Pelagia AS H H Biomass adj group company Biomass adj group associated companies

21 Lerøy Seafood Group ASA (MNOK) Q Q H H Revenue 5 077, , , , ,6 EBITDA* 1 160,7 947, , , ,0 EBIT* 1 000,1 800, , , ,7 Harvested volume (GWT) EBIT/kg* ex. Havfisk (NOK) 23,4 27,3 22,1 26,4 21,1 Havfisk catch volume (MT) EBIT Havfisk (MNOK) 116,1 86,1 294,3 244,3 386,0 * before fair value adjusments related to biological assets Spot prices above last year o NSI Q2/18 NOK 68.5 vs. NOK 67.4 in Q2/17 (+2%) o Up NOK 9/kg q-o-q, and up NOK 1/kg y-o-y Trout price achievement well below salmon prices Contract prices well below spot prices o Contract share of 23% Cost (RFS) increase from Q1/18, driven by the operation in West Norway Extremely volatile prices in the quarter, and so far in 2018, creates a challenging operational environment with negative impact on VAP, Sales and distribution profitability o Lower earnings Q2/18 vs. Q2/17 Biomass at sea o End Q2/18 at 90,697 LWT vs. 96,258 LWT end Q2/17 (-6%) 21 NIBD Q2/18 MNOK 3,013 vs. Q2/17 MNOK 3,190

22 Austral Group S.A.A (MNOK) Q Q H H Revenue 635,0 489,3 898,2 923, ,4 EBITDA 321,6 181,1 385,0 268,6 136,6 EBIT 282,6 134,0 306,5 175,5-51,3 Rawmaterial (tonnes): Sales volumes: Fishmeal (tonnes) Fish oil (tonnes) Frozen/fresh (tonnes) Strong catch and purchase activity in the quarter o o Own catch 233,780 MT Purchase from 3 rd party 79,580 MT Good sales volume in the quarter o o 56% of the fishmeal production from 1 st season sold in the quarter 15% of the fish oil production from 1 st season sold in the quarter o Higher prices vs. same quarter in 2017 Good activity in the south zone (Ilo) o Total raw material intake Q2/18 24,000 MT (Q2/17: 11,600 MT) Inventory by end June 2018 o Fishmeal 29,100 MT (June 2017: 20,500 MT) o Fish oil 12,600 MT (June 2017: 5,000 MT) NIBD Q2/18 MNOK 989 vs. Q2/17 MNOK

23 Foodcorp Chile S.A (MNOK) Q Q H H Revenue 211,8 162,9 377,8 260,9 507,9 EBITDA 53,2 71,0 109,4 80,9 79,1 EBIT 45,9 61,4 93,8 62,1 46,1 Rawmaterial intake: Sales volumes: Fishmeal (tonnes) Fish oil (tonnes) Frozen (tonnes) Good activity in the quarter o 21,500 MT horse mackerel Q2/18 vs. 16,500 MT Q2/17 Higher sales volumes vs. same quarter 2017 Pressure on margins vs due to; o Higher price on purchased horse mackerel quota from 3rd party o Increased fishing tax in 2018 Inventory of frozen products: o Q2/18 8,200 MT, same level as end Q2/17 NIBD Q2/18 MNOK 7 vs. Q2/17 MNOK 36 23

24 Br. Birkeland AS (AUSS owns 49,4%) (MNOK) Q Q H H Revenue 72,8 59,5 270,5 111,0 247,9 EBITDA 28,6 10,0 182,2 8,1 46,0 EBIT 11,3-8,4 147,7-23,3-28,6 Gain from sale of Maron AS 157,0 Adjusted EBITDA* 25,2 Adjusted EBIT* -9,3 Br. Birkeland Farming AS (AUSS owns 55,2%) (MNOK) Q Q H H Revenue - 245,2 166,3 317,6 407,6 EBITDA* 5,4 108,0 63,4 140,2 173,5 EBIT* 0,6 102,9 53,6 130,2 152,8 * before fair value adjusments related to biological assets Fishing Seasonal lower activity o o The pelagic vessels have caught blue whiting and herring in the quarter Higher price achievement for blue whiting winter 2018 vs. same period 2017 Still challenging conditions for the snow crab vessels NIBD Q2/18 (cash positive) MNOK 48 vs. Q2/17 MNOK 309 Farming Harvested volume (GWT): o o EBIT/kg: Q2/18 zero vs. Q2/17 3,685 MT YTD/18 2,808 MT vs. YTD/17 4,802 MT o Q2/17 NOK 27.9 o YTD/18 NOK 18.9 vs. YTD/17 NOK 27.1 NIBD Q2/18 MNOK 20 vs. Q2/17 MNOK 8 24

25 Statement of financial position (Group) (NOK 1,000) 30-Jun Jun Dec-17 Intangible assets Tangible fixed assets Financial non-current assets Total non-current assets Biological assets at cost Fair value adjustment of biomass Other inventory Receivables Cash and cash equivalents Total current assets Total assets NIBD Equity Equity ratio 57 % 54 % 54 % USD/NOK: : : : 8.20 Strong financial position, equity ratio at 57% Pelagia AS is an associated company which is included in the line Financial non-current assets of the Group balance sheet o As such the Group balance sheet does not include proportional consolidation of Pelagia (50%) 25

26 Cash flow Q (NOK 1,000) Pre tax profit H H (audited) Biomass adjustment Paid tax Depreciaton and impairments Associated companies Interest (net) Working capital Cash from operating activities Net investment in capex Acquisitions and divestments Dividend received Others Cash from investing activities Change in long term loans Change in short term loans Dividends Others Cash from financing activities Cash at the beginning of the period Net change in cash (incl.exchange gain/losses Cash at the end of the period 26 Q Q Increased working capital in the quarter caused by 1st fishing season in Peru and in the ongoing season in Chile Taxes of MNOK 625 paid Dividend of MNOK 1,081 paid (Group) paid dividend of NOK 2.80 per share, total MNOK 568 (2017: 2.50 per share)

27 Outlook

28 Fishmeal Regions Fish meal production - week 31 Cumulative Cumulative Cumulative Change % Chile* % Peru % Danmark/Norway* % Iceland/North Atlantic* % Total % source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived oil *Includes U.K., Ireland and Faroe Islands Production IFFO Fishmeal production increase 18% YTD vs. same period 2017, only Peru 33% up vs Prices (FOB Peru) Positive outlook for future Peruvian production in Q4 (estimating 2.0 mm MT to 2.5 mm MT) USD 1,590/MT for Super Prime USD 1,390/MT for Standard 65/180 Demand China is the main destination with a market share over 80% Supply Despite a high quota assigned in Peru, the production were sold without problem leaving few stocks available for Aug/Sep shipment (NC + South production) Peru already committed around 15,000 to 20,000 MT future production Source: IFFO 28

29 Fishmeal Main market China Stock level: 138,860 MT as of Aug. 13 th vs. 152,280 MT same period 2017 (-8% down vs. 2017) o Off takes: 4,950 MT/day (+30% vs. same period 2017), aquaculture main driver o Domestic production remains limited, the Chinese government continues with strict environmental controls Chinese prices currently higher than in Peru (spot) o Quoted at RMB 11,600-11,800/MT equivalent super prime 68% USD 1,640 - USD 1,680/MT FOB Peru Weak RMB against US dollar, additional extra cost involved for the importers in China Supply and demand is in balance Source: IFFO 29

Fish oil Regions Fish oil production - week 31 (cumulative) Cumulative Cumulative Cumulative 2018 2017 Change % Chile* 92 882 77 875 19 % Peru 171 330 102 020 68 % Danmark/Norway* 50 524 45 094 12 %

30 Fish oil Regions Fish oil production - week 31 (cumulative) Cumulative Cumulative Cumulative Change % Chile* % Peru % Danmark/Norway* % Iceland/North Atlantic* % Total % source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived oil *Includes U.K., Ireland and Faroe Islands Production IFFO Fish oil production increased 34% YTD vs. same period 2017 Prices (FOB Peru) Peru is up 68% vs. same period 2017 o very good yields obtained in the last Peruvian season (5-5.5%) Feed grade: USD 1,350/MT Omega-3 grade: USD 1,600-1,700/MT Demand Feed market well covered up to Q4 and at current prices looking to take additional volumes Omega-3 market restocking with current stocks in Peru Supply Around 20,000 to 30,000 MT available from the last NC season and south Expecting new sales to be executed between Sep-Nov 2018 Source: IFFO 30

31 Atlantic salmon supply (in tonnes WFE ) Change Change Change Change Change Change Change Norway ,3 % ,8 % ,9 % ,1 % ,1 % ,5 % ,4 % United Kingdom ,0 % ,0 % ,5 % ,4 % ,7 % ,9 % ,5 % Faroe Islands ,3 % ,9 % ,6 % ,2 % ,9 % ,3 % ,4 % Ireland ,1 % ,0 % ,6 % ,6 % ,6 % ,9 % ,9 % Iceland ,1 % ,3 % ,2 % ,0 % ,0 % ,7 % ,7 % Total Europe ,1 % ,8 % ,8 % ,4 % ,3 % ,1 % ,1 % Chile ,6 % ,5 % ,6 % ,7 % ,9 % ,2 % ,0 % Canada ,7 % ,5 % ,3 % ,0 % ,1 % ,0 % ,4 % USA ,6 % ,2 % ,8 % ,4 % ,6 % ,1 % ,8 % Australia ,5 % ,7 % ,5 % ,4 % ,4 % ,8 % ,8 % Others ,3 % ,7 % ,9 % ,8 % ,2 % ,4 % ,6 % Total Others ,0 % ,1 % ,2 % ,4 % ,6 % ,2 % ,2 % Total World-wide ,1 % ,1 % ,0 % ,5 % ,8 % ,9 % ,7 % Figures as per Source: Kontali 31

32 SPOT prices fresh Atlantic salmon, cross-section, FCA Oslo as of week (Superior quality) 32

33 Atlantic salmon consumption Q Market Chng Chng % EU % USA % Russia % Japan % Other Markets % Total % % % % % 13 % 51 % -17 % 4 % 100 % 50 % 0 % - EU USA Russia Japan Other Markets -50 % Chng % 0-line Figures as per Source: Kontali/Nasdaq 33

34 Conclusion Salmon Strong salmon prices in Q2/18 o However prices were extremely volatile in Q2 Cost (RFS) up from Q1/18 o Successful operations in North and Central Norway, while costs remain excessively high in West Norway Harvest guidance for salmon and trout including associates 179,000 GWT for 2018 Continued positive outlook White fish Good catches in the quarter, o High volumes of shrimps o Positive price development for cod and haddock Expected catch volume at 65,000 tonnes in 2018 (refer to Lerøy Seafood Group s management presentation 34

35 Conclusion Pelagic South America Early start of first season in Peru (April 7 th ) o Total quota 3.3m MT vs. 2.8m MT in 2017 Good jack mackerel catches in Chile also in Q2/18 Recovery of the jack mackerel biomass North Atlantic (Pelagia AS, an associated company) Good activity levels within production for fishmeal and fish oil Seasonal low activity within the human consumption production We expect in Q3 seasonable low production levels, however the opposite is expected in Q4. 35

37 Disclaimer 37 This Presentation has been produced by (the Company or Austevoll ) solely for use at the presentation to the market held in connection with the announcement of second quarter results for This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. the company does not intend, and does not assume any obligation, to update or correct the information included in this presentation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This Presentation is dated Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

38 Appendix

39 Associated companies Pelagia AS (100% figures) AUSS`s share = 50% (MNOK) Q Q H H Revenue 1 276, , , , ,1 EBITDA 172,4 93,7 377,0 256,9 613,9 EBIT 122,8 49,2 275,9 183,9 484,8 Net interest bearing debt 2 539, , ,4 39

40 Associated companies Norskott Havbruk AS (100% figures) LSG s share = 50% (MNOK) Q Q H H Revenue EBITDA EBIT* Volumes (gwt) EBIT/kg* (NOK) 28,0 26,9 27,3 25,8 21,6 Net interest bearing debt * Before biomass adj. Satisfactory result, with good biological performance in all regions However, harvested volume in 2018 is impacted by accelerated harvest at some sites in 2017 Contract share in the quarter of 45% New RAS facility being built with first eggs in Q and first release of smolt in 2019 Potential for sustainable, organic growth in coming years 40

Q Financial presentation. CEO - Arne Møgster CFO - Britt Kathrine Drivenes

Q Financial presentation. CEO - Arne Møgster CFO - Britt Kathrine Drivenes Q3 2018 Financial presentation CEO - Arne Møgster CFO - Britt Kathrine Drivenes Highlights All figures in MNOK Q3 2018 Q3 2017 YTD Q3 2018 YTD Q3 2017 2017 Revenue 5 317 4 903 17 072 15 997 20 799 EBITDA*